Hertz’s bid to take over Dollar Thrifty failed yesterday after shareholders rejected a $1.4 billion offer.
The spotlight now falls on rival Avis Budget, which has issued a statement declaring the rejection was a “key miletone” for the car rental giant which would now “engage with Dollar Thrifty” on a deal.
The statement went on to say: “Avis Budget intends to continue to diligently pursue antitrust clearance and will commence an exchange offer for Dollar Thrifty’s shares at our recent offer price within the next 10 business days.
“We also stand ready to sign the merger agreement previously provided to Dollar Thrifty, amended to include a $20 million reverse termination fee.”
by Dinah Hatch
